- Third quarter net sales of $579.4 million compared to $680.0
million in the prior year quarter
- Third quarter net income of $18.0 million compared to net
income of $14.9 million in the prior year quarter
- Third quarter Adjusted EBITDA1 of $45.2 million compared to
$39.4 million in the prior year quarter, the latter of which
included $9.2 million of Adjusted EBITDA attributable to Collins
Bus Corporation (“Collins”) which was divested on January 26, 2024
- Excluding the impact of the Collins divestiture, Adjusted
EBITDA increased $15.0 million, or 49.7% compared to the prior year
quarter.
- Third quarter Adjusted Net Income1 of $24.8 million compared to
$20.9 million in the prior year quarter
- Updated full-year fiscal 2024 outlook:
- Net sales of $2.35 to $2.45 billion, net income of $226.0 to
$240.0 million, Adjusted EBITDA of $155.0 to $165.0 million, and
Adjusted Net Income of $76.0 to $89.0 million;
- Net cash from operating activities of $20.0 to $36.0 million,
which includes approximately $71.0 million of income tax and
transaction costs related to divestiture activities, and Adjusted
Free Cash Flow1 of $61.0 to $72.0 million
REV Group, Inc. (NYSE: REVG) (the “company”), a manufacturer of
industry-leading specialty and recreational vehicles, today
reported results for the three months ended July 31, 2024 (“third
quarter 2024”). Consolidated net sales in the third quarter 2024
were $579.4 million, compared to $680.0 million for the three
months ended July 31, 2023 (“third quarter 2023”). Net sales for
the third quarter 2023 included $45.9 million attributable to
Collins. Excluding the impact of the Collins divestiture, net sales
decreased $54.7 million, or 8.6% compared to the prior year
quarter. The decrease, excluding the impact of Collins, was
primarily due to lower net sales in the Recreational Vehicles
segment, partially offset by higher net sales in the Specialty
Vehicles segment.
The company’s third quarter 2024 net income was $18.0 million,
or $0.35 per diluted share, compared to net income of $14.9
million, or $0.25 per diluted share, in the third quarter 2023.
Adjusted Net Income for the third quarter 2024 was $24.8 million,
or $0.48 per diluted share, compared to Adjusted Net Income of
$20.9 million, or $0.35 per diluted share, in the third quarter
2023. Adjusted EBITDA in the third quarter 2024 was $45.2 million,
compared to $39.4 million in the third quarter 2023. Adjusted
EBITDA for the third quarter 2023 included $9.2 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $15.0 million, or 49.7%
compared to the prior year quarter. The increase was primarily due
to the higher contribution from the Specialty Vehicles segment,
partially offset by lower results in the Recreational Vehicles
segment.
“We are pleased with the results of the Specialty Vehicles
segment, which delivered double digit Adjusted EBITDA margin
performance in the third quarter,” REV Group Inc. President and
CEO, Mark Skonieczny, said. “Profitability benefited from another
quarter of sequential and year-over-year improvements within the
fire and ambulance businesses. The continued momentum demonstrated
by these businesses positions us well for the future. Within the
Recreational Vehicles segment, market conditions remain challenged,
however, we continue to be proactive in managing our cost structure
to align with end market demand and deliver operating margins in
line with our expectations.”
____________________
1 Adjusted Net Income, Adjusted EBITDA and
Adjusted Free Cash Flow are non-GAAP measures that are reconciled
to their nearest GAAP measure later in this release.
REV Group Third Quarter Segment Highlights
Specialty Vehicles Segment Highlights
Specialty Vehicles segment net sales were $432.1 million in the
third quarter 2024, a decrease of $34.1 million, or 7.3%, from
$466.2 million in the third quarter 2023. Net sales for the third
quarter 2023 included $45.9 million attributable to Collins.
Excluding the impact of the Collins divestiture, net sales
increased $11.8 million, or 2.8% compared to the prior year
quarter. The increase in net sales compared to the prior year
quarter was primarily due to price realization and increased
shipments of fire apparatus, ambulance units, and municipal transit
buses, partially offset by lower shipments of terminal trucks.
Specialty Vehicles segment backlog at the end of the third quarter
2024 was $4,114.4 million compared to $3,728.2 million at the end
of the third quarter 2023. Backlog at the end of the third quarter
2023 included $257.1 million related to Collins. Excluding the
impact of the Collins divestiture, backlog increased $643.3 million
compared to the prior year quarter. The increase was primarily the
result of continued demand and order intake for fire apparatus and
ambulance units, along with pricing actions, partially offset by a
decrease in backlog related to the wind down of municipal transit
bus operations, increased unit shipments, and lower order intake
for terminal truck units.
Specialty Vehicles segment Adjusted EBITDA was $44.3 million in
the third quarter 2024, an increase of $14.6 million, or 49.2%,
from Adjusted EBITDA of $29.7 million in the third quarter 2023.
Adjusted EBITDA for the third quarter 2023 included $9.2 million
attributable to Collins. Excluding the impact of the Collins
divestiture, Adjusted EBITDA increased $23.8 million, or 116.1%
compared to the prior year quarter. Profitability within the
segment benefited from price realization, higher sales volume of
fire apparatus and ambulance units, and improved performance in the
municipal transit bus business, partially offset by lower sales
volume of terminal trucks.
Recreational Vehicles Segment Highlights
Recreational Vehicles segment net sales were $147.4 million in
the third quarter 2024, a decrease of $67.1 million, or 31.3%, from
$214.5 million in the third quarter 2023. The decrease in net sales
compared to the prior year quarter was primarily due to decreased
unit shipments and increased discounting. Recreational Vehicles
segment backlog at the end of the third quarter 2024 was $240.3
million, a decrease of $168.3 million compared to $408.6 million at
the end of the third quarter 2023. The decrease was primarily the
result of lower order intake in certain categories, unit shipments
against backlog, and order cancelations.
Recreational Vehicles segment Adjusted EBITDA was $9.4 million
in the third quarter 2024, a decrease of $9.0 million, or 48.9%,
from $18.4 million in the third quarter 2023. The decrease was
primarily due to lower unit shipments, increased discounting, and
inflationary pressures, partially offset by cost reduction
actions.
Working Capital, Liquidity, and Capital Allocation
Net debt2 totaled $164.5 million as of July 31, 2024, including
$50.5 million cash on hand. The company had $261.8 million
available under its ABL revolving credit facility as of July 31,
2024, a decrease of $122.3 million as compared to the October 31,
2023 availability of $384.1 million. Trade working capital3 for the
company as of July 31, 2024 was $322.7 million, compared to $318.5
million as of October 31, 2023. The increase was primarily due to a
decrease in customer advances and accounts payable, partially
offset by a decrease in accounts receivable and inventory. Capital
expenditures in the third quarter 2024 were $5.9 million compared
to $9.1 million in the third quarter 2023.
Updated Fiscal Year 2024 Outlook
Full Fiscal Year 2024
Updated Guidance
Prior Guidance4
($ in millions)
Low
High
Low
High
Net Sales
$
2,350
$
2,450
$
2,400
$
2,500
Net Income
$
226
$
240
$
230
$
245
Adjusted EBITDA
$
155
$
165
$
151
$
165
Adjusted Net Income
$
76
$
89
$
76
$
90
Adjusted Free Cash Flow
$
61
$
72
$
61
$
72
Quarterly Dividend
The company’s board of directors declared a regular quarterly
cash dividend in the amount of $0.05 per share of common stock,
payable on October 11, 2024, to shareholders of record on September
27, 2024, which equates to a rate of $0.20 per share of common
stock on an annualized basis.
__________________
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.
4 Guidance from the 2Q fiscal year 2024
results announcement, as presented in our press release dated June
5, 2024.
Conference Call
A conference call to discuss the company’s third quarter 2024
financial results and our outlook is scheduled for September 4,
2024, 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, which serve a diversified customer base, primarily in
the United States, through two segments: Specialty Vehicles and
Recreational Vehicles. The Specialty Vehicles Segment provides
customized vehicle solutions for applications, including essential
needs for public services (ambulances and fire apparatus) and
commercial infrastructure (terminal trucks and industrial
sweepers). REV Group’s Recreation Vehicle Segment manufactures a
variety of RVs, from Class B vans to Class A motorhomes. REV
Group's portfolio is made up of well-established principal vehicle
brands, including many of the most recognizable names within their
industry. Several of REV Group's 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,
Adjusted Net Income and Adjusted Free Cash Flow, which are non-GAAP
financial measures. Adjusted EBITDA represents net income before
interest expense, income taxes, and depreciation and amortization,
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. Adjusted Free Cash Flow
is calculated as net cash from operating activities, excluding
transaction expenses and income taxes associated with divestiture
activities, minus capital expenditures.
The company believes that the use of Adjusted EBITDA, Adjusted
Net Income and Adjusted 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,
Adjusted Net Income and Adjusted Free Cash Flow to the most closely
comparable financial measures calculated in accordance with GAAP is
included in the back 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,” “outlook,” “guidance,” “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 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
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.
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In millions, except share
amounts)
(Audited)
July 31, 2024
October 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
50.5
$
21.3
Accounts receivable, net
201.4
226.5
Inventories, net
632.3
657.7
Other current assets
30.2
27.7
Total current assets
914.4
933.2
Property, plant and equipment, net
147.2
159.5
Goodwill
137.7
157.3
Intangible assets, net
95.9
115.7
Right of use assets
33.3
37.0
Other long-term assets
6.2
7.7
Total assets
$
1,334.7
$
1,410.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
196.6
$
208.3
Short-term customer advances
155.1
214.5
Short-term accrued warranty
15.7
23.4
Short-term lease obligations
7.3
7.4
Other current liabilities
118.6
103.6
Total current liabilities
493.3
557.2
Long-term debt
215.0
150.0
Long-term customer advances
159.3
142.9
Deferred income taxes
8.8
8.2
Long-term lease obligations
26.8
30.0
Other long-term liabilities
36.9
24.1
Total liabilities
940.1
912.4
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; 51,998,551 and 59,505,829 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
314.5
445.0
Retained earnings
80.0
52.7
Accumulated other comprehensive income
—
0.2
Total REV's shareholders' equity
394.6
498.0
Total liabilities and shareholders'
equity
$
1,334.7
$
1,410.4
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except share and
per share amounts)
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net sales
$
579.4
$
680.0
$
1,782.3
$
1,944.7
Cost of sales
501.1
599.8
1,563.8
1,724.1
Gross profit
78.3
80.2
218.5
220.6
Operating expenses:
Selling, general and administrative
42.6
53.9
148.1
174.1
Amortization of intangible assets
0.5
0.6
1.7
3.0
Restructuring
4.7
—
9.2
—
Impairment charges
1.9
—
14.5
—
Total operating expenses
49.7
54.5
173.5
177.1
Operating income
28.6
25.7
45.0
43.5
Interest expense, net
7.6
7.3
21.0
21.9
(Gain) Loss on sale of business
(1.4
)
—
(260.4
)
1.1
Other expense
—
—
—
0.7
Income before provision for income
taxes
22.4
18.4
284.4
19.8
Provision for income taxes
4.4
3.5
68.5
4.2
Net income
$
18.0
$
14.9
$
215.9
$
15.6
Net income per common share:
Basic
$
0.35
$
0.25
$
3.96
$
0.27
Diluted
0.35
0.25
3.91
0.26
Dividends declared per common
share
0.05
0.05
3.15
0.15
Adjusted net income per common
share:
Basic
$
0.48
$
0.36
$
1.11
$
0.83
Diluted
0.48
0.35
1.09
0.83
Weighted Average Shares
Outstanding:
Basic
51,514,327
58,730,037
54,571,246
58,588,712
Diluted
52,136,498
59,155,217
55,163,877
59,041,350
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended July
31,
2024
2023
Cash flows from operating activities:
Net income
$
215.9
$
15.6
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
19.4
19.7
Stock-based compensation expense
7.8
11.0
Deferred income taxes
0.6
(2.4
)
Impairment charges
14.5
—
(Gain) Loss on sale of business
(260.4
)
1.1
Other non-cash adjustments
(0.2
)
1.4
Changes in operating assets and
liabilities, net
(12.8
)
27.0
Net cash (used in) provided by operating
activities
(15.2
)
73.4
Cash flows from investing activities:
Purchase of property, plant and
equipment
(22.3
)
(19.7
)
Proceeds from sale of business
319.6
0.6
Other investing activities
4.5
1.1
Net cash provided by (used in) investing
activities
301.8
(18.0
)
Cash flows from financing activities:
Net proceeds (payments) from borrowings on
revolving credit facility
65.0
(51.0
)
Payment of dividends
(188.6
)
(9.1
)
Repurchase and retirement of common
stock
(126.1
)
—
Other financing activities
(7.7
)
(4.7
)
Net cash used in financing activities
(257.4
)
(64.8
)
Net increase (decrease) in cash and cash
equivalents
29.2
(9.4
)
Cash and cash equivalents, beginning of
period
21.3
20.4
Cash and cash equivalents, end of
period
$
50.5
$
11.0
Supplemental disclosures of cash flow
information:
Cash paid for:
Interest
$
17.8
$
18.5
Income taxes, net of refunds
$
69.6
$
7.0
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net
Sales:
Specialty Vehicles
$
432.1
$
466.2
$
1,286.7
$
1,249.2
Recreational Vehicles
147.4
214.5
496.5
697.1
Corporate & Other
(0.1
)
(0.7
)
(0.9
)
(1.6
)
Total
$
579.4
$
680.0
$
1,782.3
$
1,944.7
Adjusted
EBITDA:
Specialty Vehicles
$
44.3
$
29.7
$
104.3
$
55.2
Recreational Vehicles
9.4
18.4
33.1
71.9
Corporate & Other
(8.5
)
(8.7
)
(24.2
)
(24.5
)
Total
$
45.2
$
39.4
$
113.2
$
102.6
Adjusted EBITDA
Margin:
Specialty Vehicles
10.3
%
6.4
%
8.1
%
4.4
%
Recreational Vehicles
6.4
%
8.6
%
6.7
%
10.3
%
Total
7.8
%
5.8
%
6.4
%
5.3
%
Period-End
Backlog:
July 31, 2024
April 30, 2024
January 31, 2024
July 31, 2023
Specialty Vehicles
$
4,114.4
$
4,064.4
$
3,864.1
$
3,728.2
Recreational Vehicles
240.3
274.7
376.7
408.6
Total
$
4,354.7
$
4,339.1
$
4,240.8
$
4,136.8
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended July 31,
2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
32.5
$
5.6
$
(20.1
)
$
18.0
Depreciation and amortization
4.1
1.8
0.5
6.4
Interest expense, net
2.7
0.1
4.8
7.6
Provision for income taxes
—
—
4.4
4.4
EBITDA
39.3
7.5
(10.4
)
36.4
Restructuring costs
4.7
—
—
4.7
Restructuring related charges
1.7
—
—
1.7
Impairment charges
—
1.9
—
1.9
Stock-based compensation expense
—
—
1.9
1.9
Gain on sale of business
(1.4
)
—
—
(1.4
)
Adjusted EBITDA
$
44.3
$
9.4
$
(8.5
)
$
45.2
Three Months Ended July 31,
2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
22.0
$
16.6
$
(23.7
)
$
14.9
Depreciation and amortization
4.0
1.7
0.6
6.3
Interest expense, net
2.5
0.1
4.7
7.3
Provision for income taxes
—
—
3.5
3.5
EBITDA
28.5
18.4
(14.9
)
32.0
Transaction expenses
—
—
0.1
0.1
Restructuring related charges
0.4
—
1.5
1.9
Stock-based compensation expense
—
—
3.5
3.5
Legal matters
—
—
1.1
1.1
Other items
0.8
—
—
0.8
Adjusted EBITDA
$
29.7
$
18.4
$
(8.7
)
$
39.4
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Nine Months Ended July 31,
2024
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
312.7
$
25.9
$
(122.7
)
$
215.9
Depreciation & amortization
12.8
5.0
1.6
19.4
Interest expense, net
7.3
0.3
13.4
21.0
Provision for income taxes
—
—
68.5
68.5
EBITDA
332.8
31.2
(39.2
)
324.8
Transaction expenses
—
—
6.4
6.4
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring costs
9.2
—
—
9.2
Restructuring related charges
7.8
—
—
7.8
Impairment charges
12.6
1.9
—
14.5
Stock-based compensation expense
—
—
7.8
7.8
Legal matters
2.3
—
0.6
2.9
Gain on sale of business
(260.4
)
—
—
(260.4
)
Adjusted EBITDA
$
104.3
$
33.1
$
(24.2
)
$
113.2
Nine Months Ended July 31,
2023
Specialty Vehicles
Recreational Vehicles
Corporate & Other
Total
Net income (loss)
$
29.5
$
64.9
$
(78.8
)
$
15.6
Depreciation & amortization
11.7
6.3
1.7
19.7
Interest expense, net
7.3
0.2
14.4
21.9
Provision for income taxes
—
—
4.2
4.2
EBITDA
48.5
71.4
(58.5
)
61.4
Transaction expenses
—
—
0.5
0.5
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring related charges
4.1
—
6.4
10.5
Stock-based compensation expense
—
—
11.0
11.0
Legal matters
0.9
0.5
15.2
16.6
Loss on sale of business
1.1
—
—
1.1
Other items
0.6
—
0.7
1.3
Adjusted EBITDA
$
55.2
$
71.9
$
(24.5
)
$
102.6
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net income
$
18.0
$
14.9
$
215.9
$
15.6
Amortization of intangible assets
0.5
0.6
1.7
3.0
Transaction expenses
—
0.1
6.4
0.5
Sponsor expense reimbursement
—
—
0.2
0.2
Restructuring costs
4.7
—
9.2
—
Restructuring related charges
1.7
1.9
7.8
10.5
Impairment charges
1.9
—
14.5
—
Stock-based compensation expense
1.9
3.5
7.8
11.0
Legal matters
—
1.1
2.9
16.6
(Gain) Loss on sale of business
(1.4
)
—
(260.4
)
1.1
Other items
—
0.8
—
1.3
Income tax effect of adjustments
(2.5
)
(2.0
)
54.4
(11.0
)
Adjusted Net Income
$
24.8
$
20.9
$
60.4
$
48.8
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2024
Low
High
Net income (5)
$
225.6
$
240.0
Depreciation and amortization
26.5
24.5
Interest expense, net
28.0
26.0
Provision for income taxes
79.3
80.9
EBITDA
359.4
371.4
Transaction expenses
6.4
6.4
Sponsor expense reimbursement
0.2
0.2
Restructuring costs
10.7
9.7
Restructuring related charges
7.8
7.8
Impairment charges
14.5
14.5
Stock-based compensation expense
13.5
12.5
Legal matters
2.9
2.9
Gain on sale of business
(260.4
)
(260.4
)
Adjusted EBITDA
$
155.0
$
165.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2024
Low
High
Net income (5)
$
225.6
$
240.0
Amortization of intangible assets
2.3
2.3
Transaction expenses
6.4
6.4
Sponsor expense reimbursement
0.2
0.2
Restructuring costs
10.7
9.7
Restructuring related charges
7.8
7.8
Impairment charges
14.5
14.5
Stock-based compensation expense
13.5
12.5
Legal matters
2.9
2.9
Gain on sale of business
(260.4
)
(260.4
)
Income tax effect of adjustments
52.5
53.1
Adjusted Net Income
$
76.0
$
89.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED FREE CASH FLOW
OUTLOOK RECONCILIATION
(In millions)
Fiscal Year 2024
Low
High
Net cash provided by operating
activities
$
20.0
$
35.5
Cash income taxes - divestiture
activities
66.0
66.5
Transaction expenses - divestiture
activities
5.0
5.0
Less: Capital expenditures
(30.0
)
(35.0
)
Adjusted Free Cash Flow
$
61.0
$
72.0
_________________
5 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/20240904435126/en/
Drew Konop VP, Investor Relations & Corporate FP&A
Email: investors@revgroup.com Phone: 1-888-738-4037
(1-888-REVG-037)
REV (NYSE:REVG)
過去 株価チャート
から 10 2024 まで 11 2024
REV (NYSE:REVG)
過去 株価チャート
から 11 2023 まで 11 2024
