- Third quarter net sales of $680.0 million compared to $594.8
million in the prior year quarter
- Third quarter net income of $14.9 million compared to net
income of $9.5 million in the prior year quarter
- Third quarter Adjusted EBITDA1 of $39.4 million compared to
$29.5 million in the prior year quarter
- Third quarter Adjusted Net Income1 of $20.9 million compared to
$14.3 million in the prior year quarter
- Raises full-year fiscal 2023 outlook for net sales of $2.55 to
$2.6 billion, net income outlook of $27 to $37 million, Adjusted
EBITDA of $135 to $145 million, Adjusted Net Income of $63 to $73
million, and Free Cash Flow of $70 to $75 million
REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading
specialty vehicles, today reported results for the three months
ended July 31, 2023 (“third quarter 2023”). Consolidated net sales
in the third quarter 2023 were $680.0 million, representing an
increase of 14.3% compared to $594.8 million for the three months
ended July 31, 2022 (“third quarter 2022”). The increase in
consolidated net sales was primarily due to higher net sales,
including price realization, within the Fire & Emergency
(“F&E”) and Commercial segments, partially offset by lower net
sales in the Recreation segment.
The company’s third quarter 2023 net income was $14.9 million,
or $0.25 per diluted share, which included $1.9 million of
restructuring related charges within the F&E segment and
corporate. Adjusted Net Income for the third quarter 2023 was $20.9
million, or $0.35 per diluted share, compared to Adjusted Net
Income of $14.3 million, or $0.24 per diluted share, in the third
quarter 2022. Adjusted EBITDA in the third quarter 2023 was $39.4
million, compared to $29.5 million in the third quarter 2022. The
increase in Adjusted EBITDA during the quarter was primarily due to
higher contributions from F&E and Commercial segments,
partially offset by lower results in the Recreation segment.
“We are pleased to have delivered another strong quarter of
operational improvements and financial performance which included
$56 million of free cash flow and a strengthened balance sheet,”
REV Group Inc. President and CEO, Mark Skonieczny, said. “We remain
focused on execution and advancement of REV Drive lean initiatives
designed to reduce manufacturing complexity, improve efficiency,
and increase throughput. The progress we have made in these
operating programs provides us confidence of continued momentum
which is reflected in today’s update to our full year fiscal
guidance.”
_____________________
1 REV Group, Inc. Adjusted Net Income and
Adjusted EBITDA are non-GAAP measures that are reconciled to their
nearest GAAP measure later in this release.
REV Group Third Quarter Segment Highlights
Fire & Emergency Segment
Fire & Emergency (F&E) segment net sales were $322.9
million in the third quarter 2023, an increase of $92.8 million, or
40.3%, from $230.1 million in the third quarter 2022. The increase
in net sales compared to the prior year quarter was primarily due
to increased shipments of fire apparatus and ambulance units, a
favorable mix of ambulance units, and price realization. Increased
shipments of fire apparatus were primarily the result of an
improved supply chain, and labor efficiencies related to
initiatives put in place designed to increase productivity.
Increased shipments of ambulance units were primarily the result of
an improved supply chain, labor efficiencies, and increased
headcount that resulted in higher line rates. F&E segment
backlog at the end of the third quarter 2023 was $3,220.5 million,
an increase of $1,057.4 million compared to $2,163.1 million at the
end of the third quarter 2022. The increase was primarily the
result of continued demand and strong order intake for fire
apparatus and ambulance units, and pricing actions.
F&E segment Adjusted EBITDA was $18.1 million in the third
quarter 2023, an increase of $17.1 million, from Adjusted EBITDA of
$1.0 million in the third quarter 2022. Profitability within the
segment was impacted by higher sales volume, a favorable mix of
ambulance units, efficiencies related to productivity initiatives,
an improved supply chain and labor markets, and price realization,
partially offset by inflationary pressures.
Commercial Segment
Commercial segment net sales were $143.3 million in the third
quarter 2023, an increase of $32.3 million, or 29.1%, from $111.0
million in the third quarter 2022. The increase in net sales
compared to the prior year quarter was primarily due to higher
shipments of school buses, municipal transit buses, terminal trucks
and street sweepers, and price realization, partially offset by an
unfavorable mix of municipal transit buses. Increased shipments
within the segment were primarily related to initiatives put in
place designed to increase throughput, and an improved supply
chain. Commercial segment backlog at the end of the third quarter
2023 was $507.7 million, a decrease of $23.0 million compared to
$530.7 million at the end of the third quarter 2022. The decrease
was primarily the result of lower orders for terminal trucks,
street sweepers, and municipal transit buses, partially offset by
strong orders for school buses, and pricing actions.
Commercial segment Adjusted EBITDA was $11.6 million in the
third quarter 2023, an increase of $4.8 million, or 70.6%, from
$6.8 million in the third quarter 2022. The increase was primarily
the result of increased shipments of school buses, terminal trucks,
and street sweepers, and price realization, partially offset by an
unfavorable mix and supply chain challenges within municipal
transit buses, and inflationary pressures.
Recreation Segment
Recreation segment net sales were $214.5 million in the third
quarter 2023, a decrease of $39.6 million, or 15.6%, from $254.1
million in the third quarter 2022. The decrease in net sales
compared to the prior year quarter was primarily due to decreased
unit shipments, an unfavorable mix of motorized units, and
increased discounting, partially offset by price realization.
Recreation segment backlog at the end of the third quarter 2023 was
$408.6 million, a decrease of $834.3 million compared to $1,242.9
million at the end of the third quarter 2022. The decrease was
primarily the result of production against backlog, order
cancellations, and lower order intake in certain product
categories.
Recreation segment Adjusted EBITDA was $18.4 million in the
third quarter 2023, a decrease of $11.4 million, or 38.3%, from
$29.8 million in the third quarter 2022. The decrease was primarily
due to lower unit shipments, unfavorable category mix, inflationary
pressure, and increased discounting, partially offset by price
realization.
Working Capital, Liquidity, and Capital Allocation
Cash and cash equivalents totaled $11.0 million as of July 31,
2023. Net debt2 was $168.0 million, and the company had $355.9
million available under its ABL revolving credit facility as of
July 31, 2023, an increase of $48.2 million as compared to the
October 31, 2022 availability of $307.7 million. Trade working
capital3 for the company as of July 31, 2023 was $313.1 million,
compared to $347.8 million as of October 31, 2022. The decrease was
primarily due to a decrease in accounts receivable, increased
accounts payable and increased customer advances, partially offset
by an increase in inventory. Capital expenditures in the third
quarter 2023 were $9.1 million compared to $7.4 million in the
third quarter 2022.
_____________________
2 Net Debt is defined as total debt less
cash and cash equivalents.
3 Trade Working Capital is defined as
accounts receivable plus inventories less accounts payable and
customer advances.
Updated Fiscal Year 2023 Outlook
Full Fiscal Year 2023
Updated Guidance
Prior Guidance
($ in millions)
Low
High
Low
High
Net Sales
$
2,550
$
2,600
$
2,450
$
2,550
Net Income
$
27
$
37
$
15
$
30
Adjusted EBITDA
$
135
$
145
$
120
$
135
Adjusted Net Income
$
63
$
73
$
48
$
62
Free Cash Flow⁴
$
70
$
75
$
43
$
56
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 October 13, 2023, to shareholders of record on September 29,
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
third quarter financial results is scheduled for September 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
_____________________
4 Free Cash Flow is defined as net cash
from operating activities minus capital expenditures.
Note Regarding Non-GAAP Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (“GAAP”). However,
management believes that the evaluation of our ongoing operating
results may be enhanced by a presentation of Adjusted EBITDA and
Adjusted Net Income, which are non-GAAP financial measures.
Adjusted EBITDA represents net income before interest expense,
income taxes, depreciation and amortization and loss on early
extinguishment of debt as applicable, as adjusted for certain
non-recurring, one-time and other adjustments which we believe are
not indicative of our underlying operating performance. Adjusted
Net Income represents net income as adjusted for certain after-tax,
non-recurring, one-time and other adjustments, which we believe are
not indicative of our underlying operating performance, as well as
non-cash intangible asset amortization and stock-based
compensation. Free Cash Flow is calculated as net cash from
operating activities minus capital expenditures.
The company believes that the use of Adjusted EBITDA, Adjusted
Net Income and Free Cash Flow provide additional meaningful methods
of evaluating certain aspects of its operating performance from
period to period on a basis that may not be otherwise apparent
under GAAP when used in addition to, and not in lieu of, GAAP
measures. A reconciliation of Adjusted EBITDA and Adjusted Net
Income to the most closely comparable financial measures calculated
in accordance with GAAP is included in the financial appendix of
this news release.
Cautionary Statement About Forward-Looking Statements
This news release contains statements that the company believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. This news release
includes statements that express our opinions, expectations,
beliefs, plans, objectives, assumptions or projections regarding
future events or future results and therefore are, or may be deemed
to be, “forward-looking statements.” These forward-looking
statements can generally be identified by the use of
forward-looking terminology, including the terms “believes,”
“estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,”
“projects,” “intends,” “forecasts,” “plans,” “may,” “will” or
“should” or, in each case, their negative or other variations or
comparable terminology. They appear in a number of places
throughout this news release and include statements regarding our
intentions, beliefs, goals or current expectations concerning,
among other things, our results of operations, financial condition,
liquidity, prospects, growth, strategies and the industries in
which we operate, including REV Group’s outlook for the full fiscal
year 2023.
Our forward-looking statements are subject to risks and
uncertainties, including those highlighted under “Risk Factors” and
“Cautionary Statement on Forward-Looking Statements” in the
company’s annual report on Form 10-K, and in the company’s
subsequent quarterly reports on Form 10-Q, together with the
company’s other filings with the SEC, which risks and uncertainties
may cause actual results to differ materially from those projected
or implied by the forward-looking statement. Forward-looking
statements are based on current expectations and assumptions and
currently available data and are neither predictions nor guarantees
of future events or performance. You should not place undue
reliance on forward-looking statements, which only speak as of the
date hereof. The company does not undertake to update or revise any
forward-looking statements after they are made, whether as a result
of new information, future events, or otherwise, expect as required
by applicable law.
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In millions, except share
amounts)
(Audited)
July 31, 2023
October 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
11.0
$
20.4
Accounts receivable, net
210.6
215.0
Inventories, net
644.0
629.5
Other current assets
41.4
23.5
Total current assets
907.0
888.4
Property, plant and equipment, net
152.6
148.9
Goodwill
157.3
157.3
Intangible assets, net
116.2
119.2
Right of use assets
38.0
20.2
Other long-term assets
8.4
10.6
Total assets
$
1,379.5
$
1,344.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
192.7
$
163.9
Short-term customer advances
236.6
258.0
Short-term accrued warranty
21.9
18.9
Short-term lease obligations
7.8
6.1
Other current liabilities
89.3
80.5
Total current liabilities
548.3
527.4
Long-term debt
179.0
230.0
Long-term customer advances
112.2
74.8
Deferred income taxes
18.6
21.0
Long-term lease obligations
30.4
14.2
Other long-term liabilities
22.4
20.9
Total liabilities
910.9
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; 59,309,107 and 59,323,534 shares issued and
outstanding, respectively)
0.1
0.1
Additional paid-in capital
442.7
436.4
Retained earnings
26.0
19.5
Accumulated other comprehensive (loss)
income
(0.2
)
0.3
Total shareholders' equity
468.6
456.3
Total liabilities and shareholders'
equity
$
1,379.5
$
1,344.6
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,
2023
2022
2023
2022
Net sales
$
680.0
$
594.8
$
1,944.7
$
1,708.1
Cost of sales
599.8
527.0
1,724.1
1,527.4
Gross profit
80.2
67.8
220.6
180.7
Operating expenses:
Selling, general and administrative
52.6
46.1
170.6
144.2
Research and development costs
1.3
0.9
3.5
2.9
Amortization of intangible assets
0.6
1.3
3.0
5.7
Restructuring costs
—
2.3
—
8.9
Total operating expenses
54.5
50.6
177.1
161.7
Operating income
25.7
17.2
43.5
19.0
Interest expense, net
7.3
4.3
21.9
11.2
Loss on investment in China JV
—
—
0.7
—
Loss on sale of business
—
—
1.1
0.1
Income before provision for income
taxes
18.4
12.9
19.8
7.7
Provision for income taxes
3.5
3.4
4.2
1.2
Net income
$
14.9
$
9.5
$
15.6
$
6.5
Net income per common share:
Basic
$
0.25
$
0.16
$
0.27
$
0.11
Diluted
$
0.25
$
0.16
$
0.26
$
0.10
Dividends declared per common
share
$
0.05
$
0.05
$
0.15
$
0.15
Adjusted net income per common
share:
Basic
$
0.36
$
0.24
$
0.83
$
0.54
Diluted
$
0.35
$
0.24
$
0.83
$
0.53
Weighted Average Shares
Outstanding:
Basic
58,730,037
59,417,336
58,588,712
61,291,966
Diluted
59,155,217
59,922,851
59,041,350
61,993,292
REV GROUP, INC. AND
SUBSIDIARIES
CONDENSED UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended July
31,
2023
2022
Cash flows from operating activities:
Net income
$
15.6
$
6.5
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
19.7
25.2
Amortization of debt issuance costs
1.2
1.3
Stock-based compensation expense
11.0
6.3
Deferred income taxes
(2.4
)
2.2
Gain on sale of assets
(0.5
)
(0.5
)
Loss on investment in China JV
0.7
—
Loss on sale of business
1.1
0.1
Changes in operating assets and
liabilities, net
27.0
18.4
Net cash provided by operating
activities
73.4
59.5
Cash flows from investing activities:
Purchase of property, plant and
equipment
(19.7
)
(15.9
)
Proceeds from sale of assets
0.5
2.8
Proceeds from sale of China JV
0.6
1.8
Proceeds from sale of a business
0.6
—
Net cash used in investing activities
(18.0
)
(11.3
)
Cash flows from financing activities:
Net (payments) proceeds from borrowings on
revolving credit facility
(51.0
)
35.0
Payment of dividends
(9.1
)
(9.4
)
Repurchase and retirement of common
stock
—
(70.0
)
Other financing activities
(4.7
)
(2.3
)
Net cash used in financing activities
(64.8
)
(46.7
)
Net (decrease) increase in cash and cash
equivalents
(9.4
)
1.5
Cash and cash equivalents, beginning of
period
20.4
13.3
Cash and cash equivalents, end of
period
$
11.0
$
14.8
Supplemental disclosures of cash flow
information:
Cash paid (received) for:
Interest
$
18.5
$
7.6
Income taxes, net of refunds
$
7.0
$
(15.1
)
REV GROUP, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(In millions;
unaudited)
Three Months Ended July
31,
Nine Months Ended July
31,
2023
2022
2023
2022
Net
Sales:
Fire & Emergency
$
322.9
$
230.1
$
835.3
$
712.5
Commercial
143.3
111.0
413.9
299.2
Recreation
214.5
254.1
697.1
697.7
Corporate & Other
(0.7
)
(0.4
)
(1.6
)
(1.3
)
Total
$
680.0
$
594.8
$
1,944.7
$
1,708.1
Adjusted
EBITDA:
Fire & Emergency
$
18.1
$
1.0
$
25.6
$
0.6
Commercial
11.6
6.8
29.6
19.0
Recreation
18.4
29.8
71.9
75.6
Corporate & Other
(8.7
)
(8.1
)
(24.5
)
(23.6
)
Total
$
39.4
$
29.5
$
102.6
$
71.6
Adjusted EBITDA
Margin:
Fire & Emergency
5.6
%
0.4
%
3.1
%
0.1
%
Commercial
8.1
%
6.1
%
7.2
%
6.4
%
Recreation
8.6
%
11.7
%
10.3
%
10.8
%
Total
5.8
%
5.0
%
5.3
%
4.2
%
Period-End
Backlog:
July 31, 2023
April 30, 2023
January 31, 2023
July 31, 2022
Fire & Emergency
$
3,220.5
$
2,857.3
$
2,674.3
$
2,163.1
Commercial
507.7
501.2
497.7
530.7
Recreation
408.6
495.0
988.1
1,242.9
Total
$
4,136.8
$
3,853.5
$
4,160.1
$
3,936.7
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Three Months Ended July 31,
2023
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
12.3
$
9.7
$
16.6
$
(23.7
)
$
14.9
Depreciation and amortization
3.2
0.8
1.7
0.6
6.3
Interest expense, net
2.2
0.3
0.1
4.7
7.3
Provision for income taxes
—
—
—
3.5
3.5
EBITDA
17.7
10.8
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
$
18.1
$
11.6
$
18.4
$
(8.7
)
$
39.4
Three Months Ended July 31,
2022
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(5.9
)
$
6.0
$
26.3
$
(16.9
)
9.5
Depreciation and amortization
2.8
0.7
2.8
0.6
6.9
Interest expense, net
1.7
0.1
—
2.5
4.3
Provision for income taxes
—
—
—
3.4
3.4
EBITDA
(1.4
)
6.8
29.1
(10.4
)
24.1
Transaction expenses
—
—
—
0.1
0.1
Restructuring costs
2.3
—
—
—
2.3
Stock-based compensation expense
—
—
—
1.8
1.8
Legal matters
0.1
—
0.7
0.4
1.2
Adjusted EBITDA
$
1.0
$
6.8
$
29.8
$
(8.1
)
$
29.5
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA BY
SEGMENT
(In millions;
unaudited)
Nine Months Ended July 31,
2023
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net income (loss)
$
4.0
$
25.5
$
64.9
$
(78.8
)
$
15.6
Depreciation & amortization
9.4
2.3
6.3
1.7
19.7
Interest expense, net
6.3
1.0
0.2
14.4
21.9
Provision for income taxes
—
—
—
4.2
4.2
EBITDA
19.7
28.8
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
(0.2
)
0.8
—
0.7
1.3
Adjusted EBITDA
$
25.6
$
29.6
$
71.9
$
(24.5
)
$
102.6
Nine Months Ended July 31,
2022
Fire & Emergency
Commercial
Recreation
Corporate & Other
Total
Net (loss) income
$
(32.9
)
$
16.6
$
64.8
$
(42.0
)
$
6.5
Depreciation & amortization
11.2
2.2
10.1
1.7
25.2
Interest expense, net
4.9
0.2
—
6.1
11.2
Benefit for income taxes
—
—
—
1.2
1.2
EBITDA
(16.8
)
19.0
74.9
(33.0
)
44.1
Transaction expenses
—
—
—
0.6
0.6
Sponsor expense reimbursement
—
—
—
0.1
0.1
Restructuring costs
8.8
—
—
0.1
8.9
Restructuring related charges
5.1
—
—
—
5.1
Stock-based compensation expense
—
—
—
6.3
6.3
Legal matters
3.4
—
0.7
2.3
6.4
Loss on sale of business
0.1
—
—
—
0.1
Adjusted EBITDA
$
0.6
$
19.0
$
75.6
$
(23.6
)
$
71.6
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME
(In millions;
unaudited)
Three Months Ended July
31,
Nine Months Ended July
31,
2023
2022
2023
2022
Net income
$
14.9
$
9.5
$
15.6
$
6.5
Amortization of intangible assets
0.6
1.3
3.0
5.7
Transaction expenses
0.1
0.1
0.5
0.6
Sponsor expense reimbursement
—
—
0.2
0.1
Restructuring costs
—
2.3
—
8.9
Restructuring related charges
1.9
—
10.5
5.1
Stock-based compensation expense
3.5
1.8
11.0
6.3
Legal matters
1.1
1.2
16.6
6.4
Loss on sale of business
—
—
1.1
0.1
Other items
0.8
—
1.3
—
Accelerated depreciation on certain
property, plant, and equipment
—
—
—
2.3
Income tax effect of adjustments
(2.0
)
(1.9
)
(11.0
)
(9.1
)
Adjusted Net Income
$
20.9
$
14.3
$
48.8
$
32.9
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EBITDA OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2023
Low
High
Net income (5)
$
26.5
$
37.2
Depreciation and amortization
26.5
25.5
Interest expense, net
29.0
27.0
Provision for income taxes
8.1
11.4
EBITDA
90.1
101.1
Sponsor expense reimbursement
0.4
0.4
Transaction expense
0.5
0.5
Restructuring related charges
10.5
10.5
Stock-based compensation expense
14.5
13.5
Legal matters
16.6
16.6
Loss on sale of business
1.1
1.1
Other items
1.3
1.3
Adjusted EBITDA
$
135.0
$
145.0
REV GROUP, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME OUTLOOK
RECONCILIATION
(In millions)
Fiscal Year 2023
Low
High
Net income (5)
$
26.5
$
37.2
Amortization of intangible assets
3.5
3.5
Transaction expenses
0.5
0.5
Sponsor expense reimbursement
0.4
0.4
Restructuring related charges
10.5
10.5
Stock-based compensation expense
14.5
13.5
Legal matters
16.6
16.6
Loss on sale of business
1.1
1.1
Other items
1.3
1.3
Income tax effect of adjustments
(11.4
)
(11.1
)
Adjusted Net Income
$
63.5
$
73.4
_____________________
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/20230913645285/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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