Provides Outlook for Fiscal
2019
Wesco Aircraft Holdings, Inc. (NYSE: WAIR), the world's
leading independent distributor and provider of comprehensive
supply chain management services to the global aerospace industry,
today announced results for its fiscal 2018 fourth quarter ended
September 30, 2018.
Fiscal 2018 Fourth Quarter Highlights
- Net sales of $406.8 million, up 12.5 percent
- Net income of $7.3 million, or $0.07 per diluted share
- Adjusted net income(1) of $18.2 million, or $0.18 per diluted
share
- Adjusted earnings before interest, taxes, depreciation and
amortization(1) (EBITDA) of $36.7 million, or 9.0 percent of net
sales
Todd Renehan, chief executive officer,
commented, “Net sales in the fourth quarter increased at a robust
pace, reflecting continued positive aerospace market conditions and
greater demand for supply chain services. At the same time, we
maintained control over ongoing operating expenses as we proceeded
deeper into Wesco 2020 execution. We also significantly reduced our
inventory investment in the fourth quarter compared to last year,
which helped drive positive cash flow from operations in the
quarter and fiscal year.
“The stronger operational and financial
performance we achieved in fiscal 2018 established a baseline that
we intend to sustain and improve upon in fiscal 2019 while making
more foundational changes to the business through our Wesco 2020
initiatives. As previously disclosed, we expect Wesco 2020 to
generate significant run-rate benefits, with realization in fiscal
2019 to be partially offset by implementation costs. We anticipate
full realization of Wesco 2020 benefits to be achieved in fiscal
2020.”
Fiscal 2018 Fourth Quarter
Results
Net sales of $406.8 million in the fiscal 2018
fourth quarter were $45.3 million, or 12.5 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 $6 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 reflected increased ordering by several key
customers.
Gross profit was $98.8 million in the fourth
quarter of fiscal 2018, compared with $87.5 million in the fiscal
2017 fourth 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 $76.4 million in the fiscal 2018 fourth quarter,
compared with $67.5 million in the same period last year. The
increase in SG&A expenses was primarily due to costs associated
with the company’s Wesco 2020 initiatives, including consulting
fees of approximately $5 million and retention-focused compensation
expenses of approximately $2 million. SG&A expenses were 18.8
percent of net sales in the fiscal 2018 fourth quarter, compared
with 18.7 percent in the same period last year.
Income from operations totaled $22.4 million, or
5.5 percent of net sales, in the fiscal 2018 fourth quarter. This
compares with income from operations of $20.0 million, or 5.5
percent of net sales, in the same period last year. The increase in
income from operations reflects higher gross profit, partially
offset by an increase in SG&A expenses.
Net income was $7.3 million, or $0.07 per
diluted share, in the fiscal 2018 fourth quarter. This compares
with a net loss of $38.3 million, or $0.39 per diluted share, in
the same period last year. The net loss in last year’s fourth
quarter primarily reflects a previously disclosed non-cash income
tax charge of $37.5 million on accumulated foreign earnings.
Adjusted net income(1) in the fiscal 2018 fourth quarter was $18.2
million, or $0.18 per diluted share, compared with $8.4 million, or
$0.08 per diluted share, in the same period last year.
Adjusted EBITDA(1) in the fiscal 2018 fourth
quarter was $36.7 million, compared with $30.4 million in the same
period last year. Adjusted EBITDA margin(1) was 9.0 percent,
compared with 8.4 percent in the same period last year.
Net cash provided by operating activities
totaled $36.9 million in the fiscal 2018 fourth quarter, an
improvement of $31.0 million compared with $5.9 million in the same
period last year. Free cash flow(1) was $35.3 million in the fiscal
2018 fourth quarter, compared with $3.8 million in the same period
last year, an improvement of $31.5 million. Improvements in net
cash provided by operating activities and free cash flow were
primarily due to a decline in inventory investment and an increase
in net income.
Fiscal 2018 Results
Net sales were $1,570.5 million in fiscal 2018,
an increase of 9.9 percent compared with fiscal 2017, primarily due
to higher long-term contracts and ad-hoc sales, as well as one-time
sales of approximately $17 million associated with contract
claims.
Income from operations totaled $109.5 million,
or 7.0 percent of net sales, in fiscal 2018. This compares with a
loss from operations of $208.8 million in fiscal 2017. The increase
in income from operations primarily reflects higher gross profit
and a previously disclosed $311.1 million non-cash goodwill
impairment charge recorded in fiscal 2017, partially offset by an
increase in SG&A expenses.
Net income was $32.7 million, or $0.33 per
diluted share, in fiscal 2018, compared with a net loss of $237.3
million, or $2.40 per diluted share, in fiscal 2017. Adjusted net
income(1) was $75.0 million, or $0.75 per diluted share in fiscal
2018, compared with $57.9 million, or $0.59 per diluted share, in
fiscal 2017.
Adjusted EBITDA(1) in fiscal 2018 was $161.2
million, or 10.3 percent of net sales, compared with $136.6
million, or 9.6 percent of net sales, in fiscal 2017.
Net cash provided by operating activities
totaled $17.9 million in fiscal 2018, an improvement of $44.8
million compared with net cash used in operating activities of
$26.9 million in fiscal 2017. Free cash flow(1) was $12.2 million
in fiscal 2018, an improvement of $48.1 million compared with
negative free cash flow(1) of $35.9 million in fiscal 2017.
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 2019 Outlook
The company expects net sales in fiscal 2019 to
increase at a mid-single-digit percentage rate compared to fiscal
2018, primarily due to new business, volume increases on existing
contracts and growth in ad-hoc sales. Higher sales volume, Wesco
2020 benefits and expense leverage are expected to drive a
high-single-digit percentage increase in adjusted EBITDA .
Conference Call Information
Wesco Aircraft will hold a conference call to
discuss its fiscal 2018 fourth quarter and full year results at
2:00 p.m. PST (5:00 p.m. EST) today, November 15,
2018. The conference call can be accessed by dialing
866-763-0010 (domestic) or 703-871-3797 (international) and
entering passcode 1656768.
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
1656768. The telephonic replay will be available until
November 22, 2018 at 11:59 p.m. EST.
About Wesco Aircraft
Wesco Aircraft is the world’s leading
independent distributor and provider 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, chemicals and
electronic components and comprised of more than 563,000 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 “achieve,” “anticipate,”
“believe,” “continue,” “drive,” “execute,” “expect,” “improve,”
“intend,” “outlook,” “sustain,” “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 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; risks associated
with the company’s long-term, fixed-price agreements that have no
guarantee of future sales volumes; 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, while
also meeting the company’s customers’ quality standards; the
company’s ability to maintain effective information technology
systems and effectively implement its new warehouse management
system; the company’s ability to successfully execute and realize
the expected financial benefits from its “Wesco 2020” initiative;
the company’s ability to retain key personnel; risks associated
with the company’s international operations, including exposure to
foreign currency movements; changes in trade policies; 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. income
tax law; 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 September 30, |
|
Fiscal Year EndedSeptember 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
406,817 |
|
|
$ |
361,552 |
|
|
$ |
1,570,450 |
|
|
$ |
1,429,429 |
|
Cost of sales |
308,017 |
|
|
274,065 |
|
|
1,167,294 |
|
|
1,067,522 |
|
Gross
profit |
98,800 |
|
|
87,487 |
|
|
403,156 |
|
|
361,907 |
|
Selling, general and
administrative expenses |
76,428 |
|
|
67,517 |
|
|
293,688 |
|
|
259,588 |
|
Goodwill impairment
charge |
— |
|
|
— |
|
|
— |
|
|
311,114 |
|
Income
(loss) from operations |
22,372 |
|
|
19,970 |
|
|
109,468 |
|
|
(208,795 |
) |
Interest expense,
net |
(12,360 |
) |
|
(10,292 |
) |
|
(48,880 |
) |
|
(39,821 |
) |
Other (expense) income,
net |
(367 |
) |
|
80 |
|
|
24 |
|
|
369 |
|
Income
(loss) before income taxes |
9,645 |
|
|
9,758 |
|
|
60,612 |
|
|
(248,247 |
) |
(Provision) benefit for
income taxes |
(2,371 |
) |
|
(48,045 |
) |
|
(27,958 |
) |
|
10,901 |
|
Net
income (loss) |
$ |
7,274 |
|
|
$ |
(38,287 |
) |
|
$ |
32,654 |
|
|
$ |
(237,346 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
(0.39 |
) |
|
$ |
0.33 |
|
|
$ |
(2.40 |
) |
Diluted |
$ |
0.07 |
|
|
$ |
(0.39 |
) |
|
$ |
0.33 |
|
|
$ |
(2.40 |
) |
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
99,214,233 |
|
|
98,906,379 |
|
|
99,156,998 |
|
|
98,700,879 |
|
Diluted |
99,922,457 |
|
|
98,906,379 |
|
|
99,500,477 |
|
|
98,700,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wesco Aircraft
Holdings, Inc.Condensed Consolidated Balance
Sheets (UNAUDITED)(In thousands)
|
September 30, 2018 |
|
September 30, 2017 |
Assets |
|
|
|
Cash and
cash equivalents |
$ |
46,222 |
|
|
$ |
61,625 |
|
Accounts
receivable, net |
283,775 |
|
|
256,301 |
|
Inventories |
884,212 |
|
|
827,870 |
|
Prepaid
expenses and other current assets |
15,291 |
|
|
13,733 |
|
Income
taxes receivable |
2,017 |
|
|
3,617 |
|
Total
current assets |
1,231,517 |
|
|
1,163,146 |
|
Long-term
assets |
557,959 |
|
|
590,961 |
|
Total
assets |
$ |
1,789,476 |
|
|
$ |
1,754,107 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Accounts
payable |
$ |
180,494 |
|
|
$ |
184,273 |
|
Accrued
expenses and other current liabilities |
42,767 |
|
|
35,329 |
|
Income
taxes payable |
2,295 |
|
|
3,290 |
|
Capital
lease obligations, current portion |
2,205 |
|
|
2,952 |
|
Short-term borrowings and current portion of long-term debt |
74,000 |
|
|
75,000 |
|
Total
current liabilities |
301,761 |
|
|
300,844 |
|
Capital
lease obligations, less current portion |
2,329 |
|
|
2,013 |
|
Long-term
debt, less current portion |
771,777 |
|
|
788,838 |
|
Deferred
income taxes |
2,803 |
|
|
3,197 |
|
Other
liabilities |
18,337 |
|
|
9,484 |
|
Total
liabilities |
1,097,007 |
|
|
1,104,376 |
|
Total
stockholders’ equity |
692,469 |
|
|
649,731 |
|
Total
liabilities and stockholders’ equity |
$ |
1,789,476 |
|
|
$ |
1,754,107 |
|
|
|
|
|
|
|
|
|
Wesco Aircraft
Holdings, Inc.Condensed Consolidated
Statements of Cash Flows (UNAUDITED)(In
thousands)
|
Fiscal Year EndedSeptember 30, |
|
2018 |
|
2017 |
Cash flows from
operating activities |
|
|
|
Net
income (loss) |
$ |
32,654 |
|
|
$ |
(237,346 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities |
|
|
|
Depreciation and amortization |
29,256 |
|
|
28,352 |
|
Amortization of deferred debt issuance costs |
5,688 |
|
|
6,143 |
|
Stock-based compensation expense |
9,252 |
|
|
7,335 |
|
Inventory
provision |
16,780 |
|
|
12,900 |
|
Goodwill
impairment charge |
— |
|
|
311,114 |
|
Deferred
income taxes |
9,172 |
|
|
(21,070 |
) |
Other
non-cash items |
(395 |
) |
|
1,659 |
|
Subtotal |
102,407 |
|
|
109,087 |
|
Changes
in assets and liabilities |
|
|
|
Accounts
receivable |
(28,393 |
) |
|
(8,531 |
) |
Inventories |
(73,106 |
) |
|
(129,772 |
) |
Other
current and long-term assets |
1,909 |
|
|
(8,148 |
) |
Accounts
payable |
(3,430 |
) |
|
2,201 |
|
Other
current and long-term liabilities |
18,481 |
|
|
8,235 |
|
Net cash
provided by (used in) operating activities |
17,868 |
|
|
(26,928 |
) |
Cash flows from
investing activities |
|
|
|
Purchase
of property and equipment |
(5,666 |
) |
|
(8,923 |
) |
Net cash
used in investing activities |
(5,666 |
) |
|
(8,923 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds
from short-term borrowings |
67,500 |
|
|
77,000 |
|
Repayment
of short-term borrowings |
(68,500 |
) |
|
(22,000 |
) |
Repayment
of borrowings and capital lease obligations |
(23,001 |
) |
|
(23,451 |
) |
Debt
issuance costs |
(1,900 |
) |
|
(12,796 |
) |
Net cash
(paid) received for activities related to stock-based incentive
plans |
(1,243 |
) |
|
1,892 |
|
Net cash
(used in) provided by financing activities |
(27,144 |
) |
|
20,645 |
|
Effect of
foreign currency exchange rate on cash and cash equivalents |
(461 |
) |
|
(230 |
) |
Net
decrease in cash and cash equivalents |
(15,403 |
) |
|
(15,436 |
) |
Cash and
cash equivalents, beginning of period |
61,625 |
|
|
77,061 |
|
Cash and
cash equivalents, end of period |
$ |
46,222 |
|
|
$ |
61,625 |
|
|
|
|
|
|
|
|
|
Wesco Aircraft Holdings,
Inc.Non-GAAP Financial Information - Adjusted Net
Income andAdjusted Earnings Per Share
(UNAUDITED)(Dollars in thousands, except share
data)
|
Three Months EndedSeptember 30, |
|
Fiscal Year Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Adjusted Net
Income |
|
|
|
|
|
|
|
Net income (loss) |
$ |
7,274 |
|
|
$ |
(38,287 |
) |
|
$ |
32,654 |
|
|
$ |
(237,346 |
) |
Amortization of
intangible assets |
3,714 |
|
|
3,753 |
|
|
14,855 |
|
|
14,936 |
|
Amortization of
deferred debt issuance costs |
1,388 |
|
|
1,007 |
|
|
5,688 |
|
|
6,143 |
|
Goodwill
impairment |
— |
|
|
— |
|
|
— |
|
|
311,114 |
|
Special items (1) |
7,362 |
|
|
2,788 |
|
|
22,441 |
|
|
5,587 |
|
Adjustments for tax
effect (2) |
(1,578 |
) |
|
39,128 |
|
|
(660 |
) |
|
(42,498 |
) |
Adjusted net
income |
$ |
18,160 |
|
|
$ |
8,389 |
|
|
$ |
74,978 |
|
|
$ |
57,936 |
|
|
|
|
|
|
|
|
|
Adjusted
Earnings Per Share |
|
|
|
|
|
|
|
Weighted-average number
of basic shares outstanding |
99,214,233 |
|
|
98,906,379 |
|
|
99,156,998 |
|
|
98,700,879 |
|
Adjusted net income per
basic share |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.76 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
Adjusted
Diluted Earnings Per Share |
|
|
|
|
|
|
|
Weighted-average number
of diluted shares outstanding |
99,922,457 |
|
|
98,906,379 |
|
|
99,500,477 |
|
|
98,700,879 |
|
Adjusted net income per
diluted share |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.75 |
|
|
$ |
0.59 |
|
(1) Special items in the fourth quarter of
fiscal 2018 consisted primarily of consulting fees of $4.7 million
and other costs of $2.3 million associated with the company’s Wesco
2020 initiative. Special items in the fourth quarter of fiscal 2017
consisted of business realignment and other expenses of $2.8
million.
Special items in fiscal 2018 consisted primarily
of consulting fees of $16.1 million and other costs of $4.3 million
associated with the company’s Wesco 2020 initiative, as well as
settlement of litigation and related fees of $1.3 million. Special
items in fiscal 2017 consisted of business realignment and other
expenses of $5.6 million.
(2) The adjustment for tax effect in the
fourth quarter of fiscal 2018 included a $1.9 million tax provision
related to the adjustment of deferred tax assets and liabilities to
reflect the reduction of the U.S. federal tax rate, a $0.8 million
tax provision on foreign earnings as a transition tax and a $0.9
million tax benefit related to the release of a previously recorded
deferred tax liability on unremitted foreign earnings, all of which
were related to the Tax Cuts and Jobs Act. The adjustment for tax
effect in the fourth quarter of fiscal 2017 included a $37.5
million tax provision for accumulated foreign earnings and a $4.3
million tax provision for other discrete tax items.
The adjustments for tax effect in fiscal 2018
included a $39.5 million tax provision related to the adjustment of
deferred tax assets and liabilities to reflect the reduction of the
U.S. federal tax rate, a $9.9 million tax provision on foreign
earnings as a transition tax and a $38.6 million tax benefit
related to the release of a previously recorded deferred tax
liability on unremitted foreign earnings, all of which were related
to the Tax Cuts and Jobs Act. The adjustment for tax effect in
fiscal 2017 included a $37.5 million tax provision for accumulated
foreign earnings, a $10.6 million valuation allowance on deferred
tax assets and a $4.3 million tax provision for other discrete tax
items.
Wesco Aircraft
Holdings, Inc.Non-GAAP Financial Information
- EBITDA and Adjusted EBITDA (UNAUDITED)(Dollars
in thousands)
|
Three Months Ended September 30, |
|
Fiscal Year Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net
Sales |
$ |
406,817 |
|
|
$ |
361,552 |
|
|
$ |
1,570,450 |
|
|
$ |
1,429,429 |
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA |
|
|
|
|
|
|
|
Net income (loss) |
$ |
7,274 |
|
|
$ |
(38,287 |
) |
|
$ |
32,654 |
|
|
$ |
(237,346 |
) |
Provision (benefit) for
income taxes |
2,371 |
|
|
48,045 |
|
|
27,958 |
|
|
(10,901 |
) |
Interest expense,
net |
12,360 |
|
|
10,292 |
|
|
48,880 |
|
|
39,821 |
|
Depreciation and
amortization |
7,347 |
|
|
7,540 |
|
|
29,256 |
|
|
28,352 |
|
EBITDA |
29,352 |
|
|
27,590 |
|
|
138,748 |
|
|
(180,074 |
) |
Goodwill
impairment |
— |
|
|
— |
|
|
— |
|
|
311,114 |
|
Special items (1) |
7,362 |
|
|
2,788 |
|
|
22,441 |
|
|
5,587 |
|
Adjusted EBITDA |
$ |
36,714 |
|
|
$ |
30,378 |
|
|
$ |
161,189 |
|
|
$ |
136,627 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin |
9.0 |
% |
|
8.4 |
% |
|
10.3 |
% |
|
9.6 |
% |
(1) Special items in the fourth quarter of
fiscal 2018 consisted primarily of consulting fees of $4.7 million
and other costs of $2.3 million associated with the company’s Wesco
2020 initiative. Special items in the fourth quarter of fiscal 2017
consisted of business realignment and other expenses of $2.8
million.
Special items in fiscal 2018 consisted primarily
of consulting fees of $16.1 million and other costs of $4.3 million
associated with the company’s Wesco 2020 initiative, as well as
settlement of litigation and related fees of $1.3 million. Special
items in fiscal 2017 consisted of business realignment and other
expenses of $5.6 million.
Wesco Aircraft
Holdings, Inc.Non-GAAP Financial Information
- Free Cash Flow (UNAUDITED)(Dollars in
thousands)
|
Three Months Ended September 30, |
|
Increase(Decrease) |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
36,933 |
|
|
$ |
5,918 |
|
|
$ |
31,015 |
|
Purchase of property
and equipment |
(1,657 |
) |
|
(2,092 |
) |
|
435 |
|
Free cash flow |
$ |
35,276 |
|
|
$ |
3,826 |
|
|
$ |
31,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year EndedSeptember 30, |
|
Increase(Decrease) |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
$ |
17,868 |
|
|
$ |
(26,928 |
) |
|
$ |
44,796 |
|
Purchase of property
and equipment |
(5,666 |
) |
|
(8,923 |
) |
|
3,257 |
|
Free cash flow |
$ |
12,202 |
|
|
$ |
(35,851 |
) |
|
$ |
48,053 |
|
|
|
|
|
|
|
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